Asked by Ashley Lowell on May 14, 2024
Verified
A limited partnership consists of limited partners, but not general partners.
Limited Partnership
A business structure where at least one general partner manages the business and is personally liable, while limited partners provide capital but have limited liability.
- Identify the legal variances linked to liability, tax obligations, and jurisdictional authority among different forms of business entities.
Verified Answer
LL
Laila LohseMay 21, 2024
Final Answer :
False
Explanation :
A limited partnership consists of at least one general partner, who manages the business and is personally liable for partnership debts, and one or more limited partners, who contribute capital and share in profits but do not participate in managing the business and have limited liability.
Learning Objectives
- Identify the legal variances linked to liability, tax obligations, and jurisdictional authority among different forms of business entities.
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